Yuri Yerofeyev, founder of Taurus Exchange says, “Cryptocurrencies, namely Bitcoin, have turned upside down the way I think about the world.” To understand Bitcoins and why they are popular, Yuri says that you need to look at things from a global perspective.
Bitcoin came to be during the financial crisis of 2008 when, after losing their assets, people started questioning the existing monetary order. The realization that all the money is controlled by a handful of moguls gave rise to a plethora of writers, bloggers and journalists who focused on exposing the unsustainable financial system we live in; and a group of programmers worked to create a new way to transmit value from one person to another. Yuri says, “ Enter Bitcoin, a decentralized peer-to-peer value transmission protocol that doesn't depend on any central bank or government.”
Yuri learned about Bitcoins by reading the white paper published in 2012. He started trading as a hobby and co-founded The Bitcoin Co-op, a non-profit organization whose main goal was to educate individuals and businesses about the benefits of using Bitcoin in their daily lives. Today he runs Canada's first fee-free bitcoin exchange called Taurus.
Here is how it works: if you want to exchange Canadian dollars for bitcoins, you place an order and wait for a match to occur. You can also match your bid with an existing asking order for an instant trade. He says that while bitcoin payments are automated and easy to set up, the main challenge is the ability to provide quick and reliable funding methods on the Canadian dollar side of the deal. Thus, most customer requests have to do with money transfers, especially when it comes to fast payment processing and alternative options.
Bitcoin is still in its infancy and can be compared to the Internet as it was in 1994. Yuri says that bitcoin transactions are not anonymous and there are complex issues, such as scalability and financial privacy, that need to be addressed. While there are a growing number of financial institutions and venture capitalists interested in the advantages of the "blockchain technology" considered to be un-hackable, it doesn't always mean they are into Bitcoin itself.
He feels that financial institutions like CCEC can benefit from this new technology if used for transactions, record keeping, notarization services and smart self-executing financial contracts. He says, “Imagine a credit union that is free of human error and whose cash flow is fully automated, transparent and incorruptible.” As the industry develops new opportunities appear including remittance, instant global payments, point-of-sale systems and derivatives markets. While admitting that another challenge may come from the financial regulators, his hope, however, is that no significant changes are made in the law and this segment of the market will remain truly free.
Why I belong to CCEC: “One of the most important moving parts in running a cryptocurrency exchange is solid banking relationship. CCEC is one of the few financial institutions that recognize the potential of cryptocurrencies. The credit union's board is open-minded and forward-thinking. CCEC is leading the Vancouver financial space when it comes to promoting and educating people about the peer-to-peer economy, decentralization and personal freedom.” Yuri Yerofeyev, founder of Taurus Exchange
Contact Yuri at to email@example.com or visit Taurus Exchange
Read more about alternative currencies in a previous blog: Digital Darwinism Bridges the Gap Between Community and Finance